NEW YORK: Gold prices rose again in global markets at the start of the trading week, supported by weaker-than-expected US economic data and declining expectations of a Federal Reserve interest rate hike in October.
The latest economic figures have renewed investor interest in gold, which, despite offering no yield, is widely viewed as a relatively safe-haven asset during periods of economic uncertainty.
Spot gold climbed 0.4% to $4,158.17 per ounce, while US gold futures for December delivery gained 0.6% to $4,186.40 per ounce.
Analysts say expectations surrounding US interest rates have a direct impact on global gold prices. With economic indicators showing signs of weakness, demand for gold has increased as investors seek to protect their holdings from economic and market uncertainty.
Meanwhile, other precious metals also recorded gains in international markets. Spot silver rose 1.7% to $61.40 per ounce.
Platinum gained 0.6% to reach $1,708.48 per ounce, while palladium also advanced 0.6% to $1,175.04 per ounce.
